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Can you summarize 23 NYCRR Part 101?
Regulations of the Superintendent of Financial Services > Banking Division Assessments
Short Summary
This document governs the process of special assessments for expenses associated with specific examinations, investigations, or reviews conducted by the superintendent. It applies to individual institutions subject to examination or investigation. The superintendent has the authority to bill the institutions separately for these expenses, which include costs of examiners and specialists, travel expenses, and administrative expenses associated with contracted services. The special assessments must be billed within 180 days of incurring the expenses and paid within 30 days of billing. The superintendent’s determination to make a special assessment and allocate it between institutions is based on factors such as the examination’s significance to the industry group or institutions, potential violations of law or regulation, commonality of violations within an industry group, and an institution’s attempt to cover up or fail to disclose violations. Not-for-profit entities licensed by the department may be exempted from assessments if the superintendent determines it is in the public benefit. All regulated entities shall be subject to all applicable penalties, including late fees and interest, provided for by the Banking Law, the FSL, the State Finance Law, or other applicable laws. Enforcement actions for nonpayment could include suspension, revocation, expiration, or termination of the entitys license or such other actions as the superintendent may deem appropriate.
Whom does it apply to?
Individual institutions subject to examination or investigation
What does it govern?
Special assessments for expenses associated with specific examinations, investigations, or reviews conducted by the superintendent
What are exemptions?
Not-for-profit entities licensed by the department may be exempted if determined to be in the public benefit
What are the Penalties?
Enforcement actions for nonpayment could include suspension, revocation, expiration, or termination of the entitys license or other appropriate actions determined by the superintendent
Jurisdiction
New York